Azerbaijan, Baku, 22 August / Trend corr. I.Khalilova / EURO Bank OJSC (earlier named as Azinvestbank) intends to specify its plans on transformation of representation in London into branch by the end of September, Rufat Valiyev, Chairman of the bank's Board, said on 22 August. The bank's representation has been functioning since the beginning of 2008.
"Terms of its transformation into the bank's branch depend on the results of marketing investigations because we want to be sure how our bank's activity will be efficient and profitable," Valiyev said.
Integration plans in the London market is connected with the issue that all financial centers are concentrated in London. Because of opening of representation, EURO Bank began to negotiate with foreign investors, who are ready to invest in the Azerbaijani bank. Negotiations focus on attraction of loan lines, the inter-bank and syndicate loaning, as well as placement of Eurobond at foreign markets, the chairman of EURO Bank said.
At present two Azerbaijani banks, including the International Bank of Azerbaijan and EURO Bank, have representation in London.
Ten individuals established EURO Bank in 1992.
The exchange rate for US dollar was AZN 0.8129 on 22 August.
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